Stocks to watch- Wipro, ICICI Bank, Kotak Mahindra Bank, Tata Elxsi

Stocks to watch: Wipro, ICICI Bank, Kotak Mahindra Bank, Tata Elxsi

Stocks in Focus: GIFT Nifty traded down marginally 18 points, or 0.09%, at 19,793.50, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously on Tuesday, NSE Nifty 50 gained 0.40% to settle at 19,811.50, while BSE Sensex added 261.16 or 0.39% to 66,428.09.

“Markets snapped a 3-day losing streak on broad-based buying even as participants remained worried about rising tensions in the Middle East. All eyes will be on Federal Reserve Chair Jerome Powell who is also scheduled to speak on Thursday (October 19) for further insights into the central bank’s next steps and guidance on US interest rate policies. Technically, while the market will waver and trade choppy, the biggest support for Nifty is placed at 19,509 mark while confirmation of strength only above the 19,887 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

ICICI Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 12.19 crore on ICICI Bank for contravention of Section 20(1) of the Banking Regulation Act, 1949 (the BR Act).

“This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) of the BR Act and emanates from statutory inspections for supervisory evaluation for fiscal 2020 and fiscal 2021. The Bank has taken necessary corrective action in this regard. The press release issued by RBI is attached herewith,” said the Bank in a regulatory filing on NSE.

Kotak Mahindra Bank

“The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 3.95 crore on the Bank for non-compliance with RBI Directions on ‘Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’, ‘Recovery Agents engaged by Banks’, ‘Customer Service in Banks’, and ‘Loans and Advances – Statutory and Other Restrictions’, according to the information available on the NSE.

IDFC, IDFC First Bank

Infrastructure Development Finance Company (IDFC) on Tuesday said that it has received approval from the Competition Commission of India (CCI) for its merger with IDFC First Bank. “The CCI vide its letter dated today, i.e. October 17, 2023 has communicated that it has considered and approved the combination under Green Channel Route, pursuant to the notice jointly filed by IDFC FHCL, IDFC Limited, and IDFC FIRST Bank, in terms of Section 6(2) of the Competition Act, 2002 read with Regulations 5 and SA of the Competition Commission of India (Procedure in regard to the transactions of business relating to combinations) Regulations, 2011,” IDFC Limited said in a regulatory filing.

Tata Elxsi

The technology & design company’s sequential profit is up 5.9% QoQ while it reported revenue growth of 3.7%. Manoj Raghavan, CEO and Managing Director, Tata Elxsi, said, ” “We are happy to report a healthy performance in the second quarter with a top-line growth of 3.7% QoQ and 15.5% YoY in a challenging quarter for the industry. Our EBITDA has grown 4.8% QoQ and 16.3% YoY and our EBITDA margin has improved by 31 bps to 29.9%. This underlines our strong focus on delivery and operational excellence, key account management and differentiated offerings.”

Bajaj Finance

Bajaj Finance on Tuesday announced that it plans to acquire 26% stake in Pennant Technologies Private Limited for a total of Rs 267.50 crore. “We wish to inform you that the Company has entered into a binding term sheet with Pennant Technologies Private Limited on 16 October 2023 for acquisition of up to 26% equity stake in Pennant,” the company said in a regulatory filing.

Companies scheduled to report their Q2 earnings today;

LTIMindtree

Baja Auto

IndusInd Bank

Polycab India

Persistent Systems

Bandhan Bank

Oracle Financial Services Software

IIFL Finance

Titagarh Rail Systems

(With agency inputs.)